Tishman Speyer announced the sale of Smithson Plaza, a world-class mixed-use property in London’s West End, to the real estate investment arm of the Portuguese insurance company Fidelidade.
Tishman Speyer acquired the estate on behalf of its value-add fund, TSEV VII, in March 2016 from The Economist, which had been in occupation since its development. Tishman Speyer then set about obtaining planning permission for a refurbishment of the property and began these works in September 2017. The initial phase of these works was completed in June 2018, and Tishman Speyer set about leasing the vacant floors while carrying out further works across all buildings on the estate. The property achieved the highest rents ever in London at the time, of more than £200 per square foot (€222 per square foot/$272 per square foot), and is now 91 percent occupied.
Smithson Plaza is a three-building, 81,000-square-foot mixed-use property located within the core of the St. James’s subm
